Price predictions 5/23: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, HYPE, LINK


Key points:Bitcoin slipped below $109,588, but technical charts suggest traders are buying each dip.Excessive leverage in Bitcoin futures increases the risk of a quick correction.Select altcoins have turned down from their respective overhead resistance levels, signaling that the bears remain sellers on rallies.Sellers have pulled Bitcoin (https://cointelegraph.com/bitcoin-price
) closed above the resistance line of the descending channel pattern on May 22, but the bulls are finding it difficult to maintain the momentum.

LINK/USDT daily chart. Source: Cointelegraph/TradingViewThe bears are trying to pull the price back into the descending channel. If the price skids below the neckline, it suggests that the breakout above the resistance line may have been a bull trap. The LINK/USDT pair could sink to $13.20, keeping the price stuck inside the channel for some more time.Conversely, a solid bounce off the resistance line indicates that the bulls are trying to flip the level into support. The pair could rise to $18 and thereafter to $19.80.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDUvMDE5NmZlMWMtZGY4NS03MmJmLThjNjYtYmUxOGU3YmZmNDIw.jpg
https://cointelegraph.com/news/price-predictions-5-23-btc-eth-xrp-bnb-sol-doge-ada-sui-hype-link?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound